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What is a Standard Land Auction?
A standard land auction is a way that property owners sell tracts of land to the highest bidder. In this type of auction, multiple tracts of land are offered for sale at the same time. The auction can be held online, in person, or through a live-streamed platform called ACE Online Auction.
How Do Standard Land Auctions Work?
Each tract of land may have one of two price options:
Auction Types
Standard land auctions can be held online, in person, or through ACE Live Auction. Here’s how each type works:
Pre-Auction Registration
To participate in a standard land auction, you must create an account and register to bid. This should be done well in advance of any live auction events. The auction company’s staff (LandProz and AuctionCast) has the authority to approve bidders and may request additional information to validate that you are able to complete your purchase if you win.
Bidding during a Live Auction
During a live auction, only one tract of land is sold at a time. The auctioneering team will present each tract and accept bids until all bidding has ceased for that particular tract. Once the bidding is closed, the auctioneer will announce the winner and the final price paid.
Multiple Tracts
You can bid on and win any number of tracts in a standard land auction. However, you must create separate bids for each tract you are interested in purchasing.
After the Auction: Execution of the Purchase Agreement
Once you have won one or more tracts, you will be required to execute a Purchase Agreement outlining the terms of the auction. This document outlines your responsibilities as a buyer and the terms of the sale.
LandProz Real Estate, LLC | LandProz of Indiana, LLC
111 East Clark Street, Albert Lea, MN 56007 • 507-373-5660
Broker Brian Haugen – MN, SD, IA, WI, IL, KS, MO • Broker Auctioneer Greg Jensen – MN, IA – 24-21
Broker Tim Young – OH • Broker Andrew Fansler – IN
While you didn't win, there's more auctions to come!
YOU WON!
Your bid of on has been denied.
The following explanation was given:
EXPLANATION
For additional questions, please use the chat feature to contact the auction staff.
| Bid ID | Bidder | Amount | Time | Notes |
|---|---|---|---|---|
Choice Round # has been finalized!
[] has won Choice Round #.
The following tracts were sold:
All tracts in this auction have been sold, the auction will be finalized shortly.
There are unsold tracts, the next round will begin shortly.
You have won Choice Round #!
You have won the following tracts:
You will receive a detailed summary of your purchases at the completion of the entire auction.
For additional information on handling your purchase, please contact the auction manager .
A custom bid is a one-time bid for the amount you specify below.
A custom bid by you will bid the auction up to the amount you specify below in one single bid. Use a custom bid to bid a value higher than the ask to outbid by a larger margin than just the ask.
When your bid is made, the auction will immediately increase by the whole amount below.
Your custom bid will require approval by the auction staff. They will be notified when you submit your custom bid.
A max bid is a bid that the AuctionCast system will automatically bid up to, by increment, when outbid by other bidders.
With a Max Bid, you're asking AuctionCast to bid on your behalf every time you're outbid by another bidder up to the amount you specify below.
You can cancel your Max Bid at any time.
If the current bid meets or is greater than your Max Bid, your Max Bid will be automatically cancelled.
Your custom bid will require approval by the auction staff. They will be notified when you submit your custom bid.
Lost Top Bid
Gained Top Bid
A bid on Whole Farm has made your high bid(s) on Individual Tracts inactive. You may still win if Individual Tracts regain Top Bid.
You currently have high bid on the following Tracts:
Individual Tracts have gained Top Bid. Your high bids on the following individual tracts are winning:
Lost Top Bid
A bid on Individual Tracts has made your bid for Whole Farm inactive.
To regain Top Bid, you must bid at least the ask price of:
Would you like to raise your bid?
You have won round of bidding!
Your winning bid was:
You now have the choice of what lots to take for this auction. Please select your lots to take below.
The clerk has rejected your picked choices. Please contact the auction staff if you have any questions.
Your winning bid was:
The clerk has rejected your picked choices.
Your winning bid was:
Please make your picks within the next:
1:45
You may also be contacted by the auction staff shortly.
To login to the site, please agree to the site Terms of Service:
The terms of service have been updated, please agree to the updated Terms of Service to continue:
A verification code was sent to . Please enter the verification code to login to your account:
Outbid
Same Bid
Your bid of has been outbid.
Your bid of has been outbid due to same bid.
If two bids are placed for the same price, the bid which was placed first becomes the high bidder.
The current high bid is:
Would you like to raise your bid?
Your registration to bid has been denied.
The following explanation was given:
EXPLANATION
For additional questions, please use the chat feature to contact the auction staff.
Your registration to bid has been denied.
The following explanation was given:
EXPLANATION
For additional questions, please use the chat feature to contact the auction staff.
An account was already set up for your phone number in the system. This is probably due to you previously placing bids in person, or over the phone, in an auction.
A verification code was sent to . Please enter the verification code to confirm your account:
A verification code was sent to . Please enter the verification code to confirm your account:
Bidding has completed for lot #,
you were not the high bidder.
For additional information, please contact the auction manager .
Bidding has completed for lot #, you are the high bidder and winner!
You will receive a detailed summary of your purchases at the completion of the entire auction.
For additional information on handling your purchase, please contact the auction manager .
Additional verification is required to perform this update. A verification code was sent to . Please enter the verification code to update the user profile:
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